User avatar
By Wingnut
#682265
Keep on winning.....

Republican Tax plan.....

The plan would impose a 1.4 percent excise tax on college endowments at private universities….double the standard individual tax deduction, meaning much weaker incentives for charitable contributions to colleges….end student loan interest rate deductions….restructures the American Opportunity Tax Credit, eliminating tax benefits for students who take more than five years to graduate….repeals the Lifetime Learning Credit, which is used by grad students, workers who need retraining and part-time students and nontraditional undergrads who take more than four years to graduate.

….The legislation would kill another provision that is deeply important to college faculty members and administrators personally: Section 117(d) of the tax code allows employees of nonprofit universities and colleges to exclude from taxable income qualified undergraduate tuition reductions they, or their dependents, receive….Yet another provision targeted by Republicans would end a tax break for employers who cover up to several thousand dollars in educational costs for their workers.

This is my favorite:

The proposal would also eliminate a provision of the tax code used by many universities to waive the cost of tuition for graduate students filling positions like teaching assistantships. If the proposal were to go through, those institutions wouldn’t be able to waive tuition costs without imposing new taxable income on grad students, said Steven Bloom, director of government relations at the American Council on Education.

It is standard practice not to charge tuition to grad students. In fact, a pretty good rule of thumb is to avoid any grad program that actually does charge tuition. But if this passes, the waived tuition would count as a taxable benefit for grad students.


It is truly astounding how targeted this tax bill is. It favors rich investors, who mostly vote Republican. It punishes big, urban states that mostly vote Democratic. It hurts universities, which are also filled with Democrats. And it specifically harms students, who mostly wouldn’t be caught dead ever voting for a Republican. Has a big tax bill ever been this carefully constructed to reward and punish voters who support the right or wrong party?

"Inside Higher Ed"
User avatar
By yard4sale
#682289
Not much winning for the trumpanzees tonight. Guess he will be busy deleting supportive tweets soon.
User avatar
By Jon
#682312
If you had any doubts that the House tax plan is anything but a gift to the .1% ers -

"...the tax bill also allows the beneficiaries of estates to not pay capital gains taxes on the increase in value of assets held by the estates ...the House GOP tax plan...kills the estate tax (starting in 2024) and continues to value assets passed to heirs at a stepped-up basis.
Given the rise in the stock market since 2009, that means many heirs could have a bonanza...

Assume a parent was shrewd enough to buy Amazon at $10 a share in 1998 and died on Nov. 6 (2017) when it closed above $1,120.

Under the House GOP plan, if an heir sold the stock for $1,125 a share, the capital gains tax would have been a little over $1 a share.

By contrast, Trump’s campaign tax plan would have required paying a capital gains tax of about $264 per share (assuming the estate had already passed the $10 million threshold).

The amount of revenue involved is difficult to estimate, but we have some clues. The Joint Committee on Taxation, in its report on 'tax expenditures,' estimates that the revenue loss of not taxing capital gains at death is $179.4 billion over a five-year period, or about $36 billion a year."


Full Article
User avatar
By befuddled
#682317
User avatar
By Upsetter
#682442
Some CNBC article actually analyzing the tax reform bills
Another example Steber provided was a family of four, a couple with two kids earning $60,000 a year.
He found "they will lose the exemptions for all four family members, but they make out on the increased standard deduction up to $24,000. They also make some inroads in the child dependent care credit, and the tax rates. According to Jackson Hewitt's calculations, "they end up in a sweet spot, as well, to the tune of almost $1,400 or higher."
Part of the 0.1% I'm sure. I end up in a sweet spot too. All things the same as this year and I save close to $1500. I'm more like a 3%er I figure.
User avatar
By SLSS
#682443
Wingnut wrote: Tue Nov 07, 2017 9:38 am It is truly astounding how targeted this tax bill is. It favors rich investors, who mostly vote Republican. It punishes big, urban states that mostly vote Democratic. It hurts universities, which are also filled with Democrats. And it specifically harms students, who mostly wouldn’t be caught dead ever voting for a Republican. Has a big tax bill ever been this carefully constructed to reward and punish voters who support the right or wrong party?

"Inside Higher Ed"
That right there. Giving to the people who think their shit don't stink, and screwing over anyone who might oppose them, now or in the future.

During the last election, I heard an interview with a student in AZ. He'd left for college as a committed evangelical, and was stunned once he was immersed in school, to find out how much he didn't know, had never heard of.

Shit, they can't have that can they?
User avatar
By yard4sale
#682452
Upsetter wrote: Sun Nov 12, 2017 1:50 pm Some CNBC article actually analyzing the tax reform bills
Another example Steber provided was a family of four, a couple with two kids earning $60,000 a year.
He found "they will lose the exemptions for all four family members, but they make out on the increased standard deduction up to $24,000. They also make some inroads in the child dependent care credit, and the tax rates. According to Jackson Hewitt's calculations, "they end up in a sweet spot, as well, to the tune of almost $1,400 or higher."
Part of the 0.1% I'm sure. I end up in a sweet spot too. All things the same as this year and I save close to $1500. I'm more like a 3%er I figure.
Ever wonder where that money is coming from? It ain't Americans...
User avatar
By Upsetter
#682464
What are you talking about? What money? I'm talking about money staying in ordinary taxpayers' pockets because of the tax reform. Why would you think that's not coming from Americans?
User avatar
By yard4sale
#682466
Upsetter wrote: Mon Nov 13, 2017 10:23 am What are you talking about? What money? I'm talking about money staying in ordinary taxpayers' pockets because of the tax reform. Why would you think that's not coming from Americans?
Well, spending is up and you are getting a tax cut. Now how could one spend more money without making more money? Hmmmm.

Perhaps borrowing it from other countries? But hey, whats 1.5 Trillion dollars between friends. Somebody has to save this crashing economy that poor old Twittler inherited.
User avatar
By VTNZ
#682471
Don't be silly Yard....being fiscally responsible and worrying about debt only matters when there's a D in office. When there's an R, you get yuuuuuge debts for tax breaks, dreaming up new military toys,etc.

....and a sickening display of slyly trying elect a kiddie fiddler into the US senate. :vomit
User avatar
By yard4sale
#682474
How about appointing a federal judge who has zero experience other than being a Trumpsterfire blog fluffer?

"WASHINGTON — Brett Talley, President Trump’s nominee to be a federal judge in Alabama, has never tried a case, was unanimously rated “not qualified” by the American Bar Association’s judicial rating committee, has practiced law for only three years and, as a blogger last year, displayed a degree of partisanship unusual for a judicial nominee, denouncing “Hillary Rotten Clinton” and pledging support for the National Rifle Association."
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